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GAP Inc releases its December sales report

In its December sales report, GAP Inc, the US-based apparel retailer has reported its net sales moved up 1 per cent in November and December 2016 compared to that of last year. On the other hand, its comparable sales stood at a positive 2 per cent for the same period as against that of last year.

Delving on the topic, Sabrina Simmons, Chief Financial Officer, Gap Inc says his company was pleased with the improved momentum that was seen over the holiday season driven primarily by a positive customer response at Gap and Old Navy. Based on these results, the company now expects a full-year adjusted earnings per share to be modestly above the high end of our previous adjusted guidance range of $1.92.

The apparel brand also unveiled its net sales and comparable sales for the five-week period that ended December 31, 2016. The net sales surged 3 per cent to $2.07 billion compared to $2.01 billion the last year. Also, the company’s comparable sales were up 4 per cent as against a 5 per cent decrease last year.

In the period under review, comparable sales of Banana Republic Global were down 7 per cent as compared to a negative 9 per cent for the same period last year and Old Navy Global stood at positive 12 per cent when compared to negative 7 per cent last year. On the other hand, GAP Global generated positive 1 per cent comparable sales against negative 2 per cent last year for the reporting period.